BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The fulfillment of contractual promises as agreed. A notification given by a defaulting party prior to initiation of performance that he or she is not going to perform. The intentional and explicit giving up of a contractual right. A ready, willing, and able offer to perform contractual obligations.

Detailed explanation-2: -A performance obligation is satisfied when or as a customer obtains control of the asset, i.e. when the customer can direct the use of the asset and obtain substantially all of its remaining benefits. Performance obligations can be fulfilled at a point in time or over a period of time.

Detailed explanation-3: -In some contracts, this means that one party promises something in exchange for a performance from second party. The action of completing that performance fulfills the second party’s obligations in the contract. For example, one party may promise to pay another party $100 if a second party paints their house.

Detailed explanation-4: -Performance of a contract is one of the methods of discharge of a contract. The performance may be of two types: (a) actual performance and (b) attempted performance. An actual performance of a contract means performing all the promises and fulfilling all the liabilities by all the parties.

Detailed explanation-5: -Actual performance gives a discharge to the contract and the liability of the promisor ceases to exist. When the performance has become due, it is sometimes sufficient if the promisor offers to perform his obligation under the contract. This offer is known as attempted performance or more commonly as tender.